New Zealand dollar rallies as US stocks plunge sparks a USD sell-off

Thu, 03 Jan 2019

By Jenny Ruth Jan. 4 (BusinessDesk) - The New Zealand dollar rallied along with most other currencies as plunging stock markets in the United States spurred loss-covering sales of US dollar positions. The kiwi was trading at 66.98 US cents at 8.30am in Wellington from 66.24 cents at 5pm yesterday. The trade weighted index rose to 73.18 from 72.61 yesterday. “Yesterday’s action in the currency was pretty violent and we’ve seen a retracement overnight and a big sell-off of US dollars,” says Tim Kelleher, head of external foreign exchange...

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